The 7 Traits of an All-Star Homebuyer

Buying a home is an exciting and immensely rewarding experience. However, in a crowded and competitive market it can also be intimidating and a bit challenging. With little margin for error, it’s important for today’s house hunters to be on top of their game.

To get you started on the right foot, we’ve put together a list of the most important homebuyer traits. If you’ve got these characteristics, you’ll be set up for success!

Informed
Knowledge is power, so savvy buyers typically start by learning as much as they can. Use the internet to search local listings, area real estate news, community websites, social media, etc. Get a feel for what’s going on in the market, compile a list of questions, and then consult the experts.

REALTOR^® Nick Pehlivanoglu with Coldwell Banker Hubbell BriarWood says reputable agents are all about client education, so the initial consultation should be a time to answer questions and set expectations.

“No matter if you’re a first-time buyer or an experienced homeowner, the market can change drastically from year to year, so having an understanding of the current climate is critical,” he said. “The more informed you are, the more confident you’ll feel when making these important decisions.”

Prepared
While conducting research and speaking with a REALTOR^® will prepare you mentally for the home-buying process, being financially prepared requires the help of a local lender.

Smart buyers always start with a solid understanding of what they can truly afford, and that includes acquiring a pre-approval letter — an official statement from your lender that you qualify for a specific mortgage amount.

Not only does a pre-approval letter save you time by allowing you to focus only on homes within your budget, but in today’s market, this letter is a powerful tool that tells sellers you’re a qualified and serious buyer. Multiple offers are still fairly common, and a pre-approval letter can be the difference between having your offer accepted or rejected.

Available
Now that you’re informed and prepared for what’s in store, it’s time for the fun part — the house hunt! And in today’s market where desirable properties are selling in a matter of days, this means you need to be ready when potential homes pop up.

Buyers who are only able to look at homes on Saturday mornings and Sunday afternoons will likely lose out on the home of their dreams.  But buyers who make themselves available — whether during their lunch hour or during the evening after work — will have a competitive edge.  

Open-minded
In a seller’s market, if a buyer has very specific housing criteria, the options may be limited. While you don’t need to settle for a fixer upper if you want move-in ready, you should try to have a bit of imagination when it comes to things like outdated finishes or decor that’s just not your style. Aesthetics are highly personal, and it’s reasonable that not all sellers and buyers will have the same tastes.

“You don’t need to compromise on items that are truly important, but try to have an open mind when it comes to things that can easily be changed or updated,” said Pehlivanoglu.

Flexible
In addition to low inventory, a seller’s market also means that buyers will likely pay a higher price for homes than they would during a buyer’s market.

“We’ve seen a lot of deals where multiple bidders are coming to the table and in those circumstances, you’ll have a higher chance of success if your offer matches — or possibly goes a bit above — the asking price,” said Pehlivanoglu. “Your REALTOR^® will provide guidance to ensure you’re making a sound financial decision, but buyers do need to remain a bit flexible when it comes to price.”

A buyer who is also flexible with dates and deadlines in a contract will also have an edge over other buyers in the marketplace.  A savvy REALTOR^® knows what questions to ask a seller’s agent in order to structure the purchase offer to give the buyer an advantage. 

Trusting
Choosing the right REALTOR^® is important in any successful transaction. You’ll potentially be working together for several months, so the selection process needs to be a balance of credentials and chemistry.

But just as buyers want an agent that will listen to their needs, an all-star buyer knows it’s important to listen to their agent’s advice.

“The average person may go through this process once or twice in their lifetime, but we do this every day,” said Pehlivanoglu. “It’s really important for buyers to put their trust in their agent knowing that, as professional REALTORS^®, we’re always looking out for our buyers’ best interests.”

Excited
Yes, buying a home can be stressful and emotional. There may be some disappointments, you’ll likely run into a few hurdles, and you’ll grow tired of the piles of paperwork and probably end up despising your own signature. But when it’s all said and done, you’ll officially be a homeowner, and that’s something to be proud of.

Homeownership is the American Dream, and it provides several benefits that not only enhance quality of life, but also improve financial stability. So, enjoy the process and have some fun. You’ve earned it!

Visit the Greater Lansing Association of REALTORS^® website at www.lansing-realestate.com for a list of trusted local REALTORS® and lenders who are ready to assist in your home buying journey.